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2012 sees big decline in county foreclosures

By Kevin Huelsmann, Jackson Hole Daily
January 14, 2013

The number of Teton County properties heading into foreclosure dropped dramatically last year.

After years of hovering around record highs, the number of properties scheduled for foreclosure auction at the county courthouse fell to 77, according to statistics compiled by the county sheriff’s office.

The number of properties heading into foreclosure rose sharply in 2009. Before the Great Recession, the sheriff’s office handled about two dozen auctions each year. In 2009, it oversaw foreclosure proceedings for 81 properties. That number reached a high point in 2010, when 130 properties were slated for auction.

For several years, second-homeowners, wealthy residents trying to scoop up investment properties and residents trying to break into the valley’s real estate market were wiped out when they found themselves with no hope of reselling property they had purchased at high prices and stiff payments.

Now the county’s foreclosure list is much more sparse.

Of the 77 properties slated for auction last year, banks and lending companies submitted the winning bids on 30 properties.

An additional 43 sales were cancelled last year and wiped off the foreclosure list. The remaining four properties were delayed until this month and are still pending.

Over the past several years there has been an increase in the number of short sales and bank-owned real estate deals.

Those types of sales reached a new high in 2012. There were 35 short sales and another 45 sales of bank-owned properties, according to statistics provided by Jackson Hole Real Estate Associates. In 2011 there were 26 short sales and 53 sales of bank-owned properties.

There weren’t any of these kinds of sales in 2007 or 2008. They started to show up in 2009, though only in small numbers. In 2010 there was a slight uptick, with 16 short sales and another 21 sales of bank-owned properties.

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